Ambertech (ASX:AMO) announces $3M acquisition

Ambertech (ASX:AMO) has reached an agreement to acquire the distribution business of Convoy International Pty Ltd, which will be funded by existing cash reserves.

The acquisition is expected to be worth net cash of $2.8m-$3.0m, and will bring in incremental revenue of $4.0M-$5.0M annually.

The acquisition will include inventory, accounts receivable, business use assets and goodwill of around $0.5m.

Final details will be released after completion.

Following the announcement, shares of Ambertech (ASX:AMO) were unchanged at $0.32.